torntech, OptionXpress does not have streaming option quotes, only a static page, you have to refresh to get new quotes. Both my friend and I have a 'funny' feeling with OptionXpress : it seems to us that sometimes, OptionXpress is 'skimping' our orders, e.g. we put a bid at 2.30, and see on the bid/ask 2.25 - 2.35 for a while. I can't prove anything, nor want to badmouth anyone, just an observation that I saw, and same for a friend with his account. cheers!
Thanks for the input. This is kind of what I was expecting after reviewing their homepage. I actually signed up with IB a couple of days ago. I'm exited to try out their services.
I think the quotes at OptionXpress shows only one exchange (maybe the exchange that has the most volume or a default exchange) and not the consolidated quote.
it doesn't seem right to compare 30 contracts at IB to 2 contracts at OptionExpress because OE has a minimum per trade. heres a better comparison: 30 contracts at IB =$30 20 contracts at OE = $30 this shows that IB is a little cheaper than OE. however, OE has other benefits that IB doesn't have such as: open acct with as little as you like check writing and i'm sure theirs more I know IB has benefits that OE doesn't have such as: the universal acct lowest retail commissions and more I am not qualified to give a full comparison as I haven't started using OE yet, but I do think any comparison should be objective.
i was in the same situation as you. i was at datek, and not satisfied with their service. i switched over to optionsexpress about 6 months ago, and have not had any problems.
Don't know who is best... but I can tell you who is not very good right now, and that is "Cybertrader" (the sponsors of this forum). Now that's a gas... them sponsoring 'this' forum. But they are good at one thing... marketing! Not only are their commsisions unreasonably prohibitive (what else is new... Schwab arrogance!) at least for "smaller" traders but you can't even place multiple orders on their present X2 software to close/open options position on the same underlying, i.e. or leg into spreads. Can you believe this? If you want for example, to enter an IBM backspread you can't place simultaneous orders on IBM. Will only accept one at a time! So until filled on one leg, you can't enter the other. These guys and their "clearing firm" are so concerned with their risk that they aparently could care less about giving the customer/trader some deference. Even if you're approved at the highest options level. Moreover if you happen to want to scale out of positions in a fast moving market you will pay them a separate ticket charge (full commish) on every sale/buy. Whereas other firms will charge a single commssion for all contracts bought/sold on the same contracts; i.e. you sell 5 out of 20 and then 4, 5 and then the 6... you get 4 commissions @ 19.95-24.95 for each of the aforesaid examples! Moreover try to close one leg and open another in a faster market...! You won't be given proper credit ---that day-- for any release of the closed leg. In other words, you close a spread that releases 10K it won't be available until the next day (unless they have changed there 'deal' in the past month); AND, you might have to spend an inordinate amount of time talking with a not very sophisticated trading representative on their so-called derivatives' team who will "re-run" your account before allowing you to create any new spread (after their beta software screws up your margin requirements). And then, they're arrogant about it like they're doing you a favor! Even though you're "paying" their salaries. And meanwhile as you're doing this the market moves away from you. Cybertrader has the potential to be real good , but strongly suggest "avoid" until they get their act in order; and until they decide if they really value and desire to have advanced level options customers! I might add that all of the above issues really interfere with the flow of trading to your best adavantage, and managing your account without a margin fight, even if you are real adept at managing options margins. their computer and software has not caught up to you, yet. <smile> Oh yeah, if you leg out of the long side of a spread and the re
meant to say.... IF you "try" to exit long side and leaves you short..... particularly on an index spread (since they do not allow naked index options yet) the computer won't "allow" you to exit... if that will place you in a margin call TEMPORARILY" even if you intend to roll into a different strike that would result in a lesser requirement, or change it to a calendar for example, by the end of trading on that same day.
Hi, E*Trade option trading system was even worse. (Everyting in past tense because I closed my E*Trade account few months ago.) I could not enter a debit spread online. I could not entered it leg by leg online either. Their option trading system was incapable of matching the long leg of a call with a short leg. Hence, it "assumed" that the short side was an uncovered call, and refused to accept it. Most of the E*Trade customer service representatives I spoke to on the phone did not undertsand debit spread. One of them just hanged up on me. When I e-mailed to the customer service, and told them them that the option commission was too high and their system was full of bugs, and I was considering choosing another broker, I got a reply baiscally telling me that "You can choose another broker with lower commissions, but be aware of their service." Wow, I downloaded an application form of another online borkerage firm immediately. I heard that E*Trade has reduced their commissions greatly. Hope that their customer service will improve too.